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| A woman walks into a Citibank branch in New York in this 2012 file photo. |
Bank Indonesia (BI) lifted sanction on Citibank due to violations in
Citygold priority service management and money collecting using third
party in credit card product. Now the bank can issue new credit card for
its customers.
Chief Country Officer Citibank, Tigor Siahaan, said that the bank
have had target market for its credit card product. But City will expand
its target to gain more new loyal customers.
"Our existing customers are very loyal, despite we were in sanction," Siahaan said on Thursday.
Among other, the sanctions included ban on seeking new customer of
Citigold priority service for one year since 2011 and the bank were not
allowed to issue new credit card for two years. For two years Citybank
were not allowed to use the third party to collect money from its
customers.
While some expansions on the way, Citibank will take more cautious
steps by limiting creadit card ownership based on customers' income. So
far Siahaan admitted that a number of new customers have applied for
Citibank's credit card.
Credit card service has contributed to Citibank's annual revenue
while its revenue is divided into 65 percent from corporate and 35
percent from consumer. Revenue from corporate includes capital ork,
investment, transanction, trade, export and import, and cash management.
While the consumer sector comprises of some products including credit
card. 'Contribution from credit card is quit big," he said without
elaborating.
Sources :
http://www.republika.co.id/berita/en/jakarta-region-others/13/05/16/mmwav4-bi-lifts-sanctions-for-citibank-credit-card
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